Training on Healthcare Financial Management

Proper management of a health organization’s finances allows it to improve patient care, minimize risk, make needed investments, and explore new streams of revenue. Financial issues are fundamental in the healthcare environment, and managers must be prepared as they endeavor to improve the delivery of health services.

This training on healthcare financial management course is aimed at enhancing the financial management skills of professionals working with the healthcare organizations to enable them make informed financial decisions in today’s high value healthcare environment.

Target Participants

Training on healthcare financial management is designed for health finance professionals who have financial expertise and are seeking to learn financial management skills applicable to the healthcare context. Training on healthcare financial management is also ideal for non-financial managers and other health professionals who need to learn tools and techniques for healthcare financial management.

Course Duration

Online     14 Days

Classroom-based     10 Days

What you will learn 

By the end of this training the participants will learn to:

• Understand financial planning and budgeting in healthcare
• Understand the fundamentals of financial accounting in healthcare
• Analyze and interpret healthcare financial reports
• Effectively manage cost and cash flow in the healthcare sector
• Implement effective internal control systems
• Make informed and accurate financial decisions

Course Outline

Introduction to Financial Management in Healthcare 

• Healthcare operating models:
• Introduction to healthcare finance
• The role of finance in health services organizations
• Understanding the financial management lifecycle in healthcare
• Concepts of financial management
• Financial challenges in healthcare

Financial Planning in Healthcare

• Defining financial objectives and goals
• Gathering and analysis financial information
• Developing a financial plan
• Implementation and review of the financial plan

Budgeting for Healthcare Organizations 

• Budgeting process in healthcare sector
• Functions and types of budgets in healthcare
• Budget development in healthcare sector
• Budget management in healthcare sector
• Budget regulations/requirements

Cash Flow Management in Healthcare

• Cash flow forecasting
• Consolidated budgets and budgeting for core costs
• Elements of cash flow
• Cash Vs Profit
• Managing cash
• Bank accounts management

Cost Management in Healthcare Organization

• Types of costs in healthcare organizations
• Elements of Cost
• Cost Structures and Methods – costing services and products
• Procurement
• Cost allocations

Healthcare Financial and Management Reporting

• Importance of financial reporting in healthcare
• Understanding elements of financial statements
• Financial Statements; Income Statement, Balance Sheet, Cash Flow Statement
• Management accounting in healthcare entities

Measuring Finance Performance in Healthcare

• Introduction to financial Analysis
• Steps in financial analysis
• Financial ratios
• Budget monitoring
• Cash flow monitoring

Internal Control Systems in Healthcare Financial Management

• Organization financial management policies
• Role of audit
• Financial fraud
• Financial spending cross approvals
• Risk Management in Project Financial Management

Integrating Management Reporting in Healthcare

• Identifying organizational key success factors
• Measuring economy, efficiency and effectiveness
• Developing Key Performance Indicators
• Use of balanced scorecards

Training Approach

This training on healthcare financial management is delivered by our seasoned trainers who have vast experience as expert professionals in healthcare financial management. The course is taught through a mix of practical activities, theory, group works and case studies.

Training manuals and additional reference materials are provided to the participants.

Certification

Upon successful completion of this training on healthcare financial management course, participants will be issued with a certificate.

Tailor-Made Course 

We can also do this as a tailor-made course to meet organization-wide training needs. A training needs assessment will be done on the training participants to collect data on the existing skills, knowledge gaps, training expectations and tailor-made needs.